Beryl opened a chequing account at the Bank of Banff.As part of that transaction, she deposited ten $100 bills into her new chequing account.Technically speaking, she continues to own those bills until she writes a cheque on her account.

Question

Quizplus · Accepted Answer

Once Beryl deposited the ten $100 bills into her chequing account, she transferred ownership of those bills to the bank. The bank now has the legal right to use, invest or lend out those funds, while Beryl has a claim on the balance of her account. Therefore, Beryl does not technically continue to own those bills, and she cannot obtain them back unless she withdraws cash from her account.

Beryl Opened a Chequing Account at the Bank of Banff